I had applied for a home loan from IDBI Home Finance, Thane branch and the loan was declined on the selected property because the property was initially purchased and registered by a person in the year 2002 from the builder who later on changed his mind and canceled it and purchased another flat in the same building. Later on the same property is sold to another person by the builder who is now the present owner from whom I have decided to purchase. Now IDBI Home Finance is asking for the original canceled deed but the original canceled deed is misplaced by the builder. The lawyer in IDBI panel has stated that the flat can be mortgaged by that person and the canceled deed is needed. How can a person mortgage a flat after canceling a deed. When a property is mortgaged the original documents lies in the custody of bank and hence cannot be canceled and if canceled the bank won’t provide that person a loan and hence it cannot be mortgaged. Now the question raised by their lawyer is very illogical considering this matter. Also IDBI Home Finance is not making the matter clear and harassing me unnecessarily. First they told me to file and FIR with police for the lost deed and to get indemnity bond signed from the builder and present flat owner that there is no mortgage on it and then they will disburse the loan. Now after filing FIR they asked for the certified copy of canceled deed which was not told to me earlier and even after giving that now they again backtracked saying that nothing will work but I have to give them the canceled deed only after which they will disburse the loan amount. I request you to please advise me on this matter.
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